Josh Brown is proof that it's possible to turn blogging into a successful business. In 2008, he started the Reformed Broker, a blog whose mix of fact, statistics, irreverence and anecdotes has won a devoted following. That paved the way for a host of media assignments, including CNBC's The Half Time Report. On Twitter, he's closing in on 130,000 followers.

Brown is CEO of Ritholtz Wealth Management, an investment advisory firm that launched in September 2013 and now has $300 million in assets under management.

The bulk of his firm's growth came from social media, the investing guru told a roomful of ETF investors and financial advisors at ETF.com's ninth annual Inside ETFs conference, which concluded in Hollywood, Fla., Wednesday.

"I spent decades cold-calling individuals," Brown added. "This is a much more fun way to grow your business."

Then he offered focused tips on the pitfalls and opportunities in social media:

• Don't delegate. Paying an intern to run your social media account doesn't pay off in the long term.

"It has got to be you, or someone high up in your organization," Brown said. "Younger people can tell you what's good, what's bad, what's uncool."

• No shortcuts. Paying a firm to follow people from their account? That mentality also just doesn't work, Brown said.

Instead, he advised financial advisors using social media to strike a balance between original ideas and reactions to what they are reading online or offline.

• No ugliness. A financial advisor has to be seen as too busy to spar with a stranger online.

"No fighting, no war, no retaliation," Brown said.

• No picking sides. Spend some time discovering which social media platform best suits your personality and your purposes.

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